09/06/2024 | Press release | Distributed by Public on 09/06/2024 13:17
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22917
Absolute Shares Trust
(Exact name of registrant as specified in charter)
Millington Securities, LLC
331 Newman Springs Rd Suite 143
Red Bank, New Jersey 07701
(Address of principal executive offices) (Zip code)
Don Schreiber, Jr.
Millington Securities, LLC
331 Newman Springs Rd Suite 143
Red Bank, New Jersey 07701
(Name and address of agent for service)
(732) 842-4920
Registrant's telephone number, including area code
Date of fiscal year end: June 30
Date of reporting period: June 30, 2024
Item 1. Reports to Stockholders.
(a) |
WBI BullBear Value 3000 ETF
|
||
WBIF(Principal U.S. Listing Exchange: NYSE )
|
||
Annual Shareholder Report | June 30, 2024
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
WBI BullBear Value 3000 ETF
|
$137
|
1.36%
|
WBI BullBear Value 3000 ETF | PAGE 1 | TSR_AR_00400R601 |
1 Year
|
5 Year
|
Since Inception
(08/25/2014) |
|
WBI BullBear Value 3000 ETF NAV
|
1.57
|
2.47
|
2.54
|
WBI BullBear Value 3000 ETF Market
|
1.47
|
2.47
|
2.53
|
S&P 500 TR
|
24.56
|
15.05
|
12.82
|
Russell 3000 Value Total Return
|
12.93
|
8.89
|
8.11
|
* | The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$32,998,899
|
Number of Holdings
|
27
|
Net Advisory Fee
|
$268,103
|
Portfolio Turnover
|
742%
|
Top 10 Issuers
|
(% of net assets)
|
Mount Vernon Liquid Assets Portfolio, LLC
|
8.4%
|
Lam Research Corp.
|
5.6%
|
iShares Broad USD High Yield Corporate Bond ETF
|
5.1%
|
Tradeweb Markets, Inc.
|
4.5%
|
Intuit, Inc.
|
4.4%
|
Broadridge Financial Solutions, Inc.
|
4.3%
|
Universal Health Services, Inc.
|
4.2%
|
Reinsurance Group of America, Inc.
|
4.2%
|
Blackstone, Inc.
|
4.1%
|
Dick's Sporting Goods, Inc.
|
4.1%
|
† | The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
WBI BullBear Value 3000 ETF | PAGE 2 | TSR_AR_00400R601 |
WBI BullBear Value 3000 ETF | PAGE 3 | TSR_AR_00400R601 |
WBI BullBear Yield 3000 ETF
|
||
WBIG(Principal U.S. Listing Exchange: NYSE )
|
||
Annual Shareholder Report | June 30, 2024
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
WBI BullBear Yield 3000 ETF
|
$131
|
1.28%
|
WBI BullBear Yield 3000 ETF | PAGE 1 | TSR_AR_00400R700 |
1 Year
|
5 Year
|
Since Inception
(08/25/2014) |
|
WBI BullBear Yield 3000 ETF NAV
|
4.88
|
1.68
|
1.08
|
WBI BullBear Yield 3000 ETF Market
|
4.85
|
1.71
|
1.07
|
S&P 500 TR
|
24.56
|
15.05
|
12.82
|
Russell 3000 Value Total Return
|
12.93
|
8.89
|
8.11
|
* | The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$43,806,751
|
Number of Holdings
|
30
|
Net Advisory Fee
|
$390,186
|
Portfolio Turnover
|
641%
|
Top 10 Issuers
|
(% of net assets)
|
iShares Broad USD High Yield Corporate Bond ETF
|
9.7%
|
Mount Vernon Liquid Assets Portfolio, LLC
|
4.6%
|
Janus Henderson Group PLC
|
4.6%
|
Tradeweb Markets, Inc.
|
4.5%
|
Lam Research Corp.
|
4.4%
|
Automatic Data Processing, Inc.
|
4.4%
|
TJX Cos., Inc.
|
4.3%
|
Palo Alto Networks, Inc.
|
4.3%
|
Prudential Financial, Inc.
|
4.3%
|
Marsh & McLennan Cos., Inc.
|
4.2%
|
† | The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
WBI BullBear Yield 3000 ETF | PAGE 2 | TSR_AR_00400R700 |
WBI BullBear Yield 3000 ETF | PAGE 3 | TSR_AR_00400R700 |
WBI BullBear Quality 3000 ETF
|
||
WBIL(Principal U.S. Listing Exchange: NYSE )
|
||
Annual Shareholder Report | June 30, 2024
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
WBI BullBear Quality 3000 ETF
|
$141
|
1.32%
|
WBI BullBear Quality 3000 ETF | PAGE 1 | TSR_AR_00400R809 |
1 Year
|
5 Year
|
Since Inception
(08/25/2014) |
|
WBI BullBear Quality 3000 ETF NAV
|
14.33
|
4.99
|
3.70
|
WBI BullBear Quality 3000 ETF Market
|
14.30
|
5.00
|
3.69
|
S&P 500 TR
|
24.56
|
15.05
|
12.82
|
Russell 3000 Total Return
|
23.13
|
14.14
|
12.15
|
* | The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$39,246,257
|
Number of Holdings
|
33
|
Net Advisory Fee
|
$310,089
|
Portfolio Turnover
|
672%
|
Top 10 Issuers
|
(% of net assets)
|
iShares Broad USD High Yield Corporate Bond ETF
|
5.1%
|
Spotify Technology SA
|
4.9%
|
Alphabet, Inc.
|
4.9%
|
Progressive Corp.
|
4.6%
|
Howmet Aerospace, Inc.
|
4.4%
|
Automatic Data Processing, Inc.
|
4.4%
|
Boston Scientific Corp.
|
4.2%
|
Eaton Corp. PLC
|
4.2%
|
Apollo Global Management, Inc.
|
4.1%
|
KB Home
|
4.0%
|
† | The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
WBI BullBear Quality 3000 ETF | PAGE 2 | TSR_AR_00400R809 |
WBI BullBear Quality 3000 ETF | PAGE 3 | TSR_AR_00400R809 |
WBI Power Factor High Dividend ETF
|
||
WBIY(Principal U.S. Listing Exchange: NYSE )
|
||
Annual Shareholder Report | June 30, 2024
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
WBI Power Factor High Dividend ETF
|
$91
|
0.84%
|
WBI Power Factor High Dividend ETF | PAGE 1 | TSR_AR_00400R858 |
1 Year
|
5 Year
|
Since Inception
(12/19/2016) |
|
WBI Power Factor High Dividend ETF NAV
|
16.97
|
8.54
|
7.29
|
WBI Power Factor High Dividend ETF Market
|
16.71
|
8.56
|
7.28
|
S&P 500 TR
|
24.56
|
15.05
|
14.41
|
Solactive Power Factor High Dividend GTR Index
|
17.58
|
9.18
|
8.42
|
* | The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$59,512,432
|
Number of Holdings
|
51
|
Net Advisory Fee
|
$236,780
|
Portfolio Turnover
|
152%
|
Top 10 Issuers
|
(% of net assets)
|
Mount Vernon Liquid Assets Portfolio, LLC
|
17.2%
|
AT&T, Inc.
|
5.7%
|
Altria Group, Inc.
|
5.4%
|
Best Buy Co., Inc.
|
5.3%
|
ONEOK, Inc.
|
5.0%
|
Kinder Morgan, Inc.
|
4.9%
|
Dominion Energy, Inc.
|
4.8%
|
Kohl's Corporation
|
4.8%
|
Whirlpool Corporation
|
4.8%
|
Verizon Communications, Inc.
|
4.7%
|
† | The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
WBI Power Factor High Dividend ETF | PAGE 2 | TSR_AR_00400R858 |
WBI Power Factor High Dividend ETF | PAGE 3 | TSR_AR_00400R858 |
(b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant's Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. John A. Flanagan is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
WBI BullBear Value 3000 ETF | FYE 06/30/2024 | FYE 06/30/2023 |
Audit Fees | $21,266 | $20,126 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $7,200 | $6,800 |
All Other Fees | N/A | N/A |
WBI BullBear Yield 3000 ETF | FYE 06/30/2024 | FYE 06/30/2023 |
Audit Fees | $21,266 | $20,126 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $7,200 | $6,800 |
All Other Fees | N/A | N/A |
WBI BullBear Quality 3000 ETF | FYE 06/30/2024 | FYE 06/30/2023 |
Audit Fees | $21,266 | $20,126 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $7,200 | $6,800 |
All Other Fees | N/A | N/A |
WBI BullBear Power FactorTM High Dividend ETF | FYE 06/30/2024 | FYE 06/30/2023 |
Audit Fees | $20,206 | $19,126 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $7,200 | $6,800 |
All Other Fees | N/A | N/A |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by KPMG LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 06/30/2024 | FYE 06/30/2023 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) N/A.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.-not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 06/30/2024 | FYE 06/30/2023 |
Registrant | N/A | N/A |
Registrant's Investment Adviser |
(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Andrew Putterman, Jude T. Depko, John A. Flanagan.
(b) Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form. |
(b) | Not Appliable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Page
|
|||
Schedule of Investments
|
|||
WBI BullBear Value 3000 ETF
|
1
|
||
WBI BullBear Yield 3000 ETF
|
2
|
||
WBI BullBear Quality 3000 ETF
|
3
|
||
WBI Power Factor® High Dividend ETF
|
4
|
||
Statements of Assets and Liabilities
|
6
|
||
Statements of Operations
|
7
|
||
Statements of Changes in Net Assets
|
8
|
||
Financial Highlights
|
10
|
||
Notes to the Financial Statements
|
14
|
||
Report of Independent Registered Public Accounting Firm
|
24
|
||
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - 93.4%
|
||||||
Capital Goods - 7.8%
|
||||||
Carlisle Cos., Inc.
|
3,226
|
$1,307,207
|
||||
Comfort Systems USA, Inc.
|
4,181
|
1,271,526
|
||||
2,578,733
|
||||||
Commercial & Professional Services - 12.1%
|
||||||
Automatic Data Processing, Inc.
|
5,507
|
1,314,466
|
||||
Broadridge Financial Solutions, Inc.
|
7,124
|
1,403,428
|
||||
Paychex, Inc.(a)
|
10,681
|
1,266,339
|
||||
3,984,233
|
||||||
Consumer Discretionary Distribution & Retail - 4.1%
|
||||||
Dick's Sporting Goods, Inc.
|
6,256
|
1,344,102
|
||||
Consumer Durables & Apparel - 7.7%
|
||||||
Deckers Outdoor Corp.(b)
|
1,297
|
1,255,431
|
||||
PulteGroup, Inc.
|
11,802
|
1,299,400
|
||||
2,554,831
|
||||||
Financial Services - 20.0%
|
||||||
Blackstone, Inc.
|
10,995
|
1,361,181
|
||||
Corebridge Financial, Inc.(a)
|
45,818
|
1,334,220
|
||||
Raymond James Financial, Inc.(a)
|
2,552
|
315,453
|
||||
Tradeweb Markets, Inc. - Class A
|
13,981
|
1,481,986
|
||||
Visa, Inc. - Class A
|
3,157
|
828,618
|
||||
Voya Financial, Inc.
|
18,120
|
1,289,238
|
||||
6,610,696
|
||||||
Health Care Equipment & Services - 4.2%
|
||||||
Universal Health Services, Inc. - Class B
|
7,496
|
1,386,235
|
||||
Household & Personal Products - 4.0%
|
||||||
Church & Dwight Co., Inc.(a)
|
12,750
|
1,321,920
|
||||
Insurance - 9.1%
|
||||||
Aflac, Inc.
|
3,825
|
341,611
|
||||
Hartford Financial Services Group, Inc.
|
12,865
|
1,293,447
|
||||
Reinsurance Group of America, Inc.
|
6,655
|
1,366,072
|
||||
3,001,130
|
||||||
Media & Entertainment - 3.7%
|
||||||
Meta Platforms, Inc. - Class A
|
2,411
|
1,215,674
|
||||
Semiconductors & Semiconductor Equipment - 9.2%
|
||||||
Lam Research Corp.
|
1,740
|
1,852,839
|
||||
QUALCOMM, Inc.
|
5,922
|
1,179,544
|
||||
3,032,383
|
||||||
Software & Services - 7.5%
|
||||||
Intuit, Inc.
|
2,204
|
1,448,491
|
||||
Palo Alto Networks, Inc.(b)
|
3,054
|
1,035,336
|
||||
2,483,827
|
||||||
Shares
|
Value
|
|||||
Technology Hardware & Equipment - 4.0%
|
||||||
Apple, Inc.
|
6,291
|
$1,325,011
|
||||
TOTAL COMMON STOCKS
(Cost $30,622,226)
|
30,838,775
|
|||||
EXCHANGE TRADED FUNDS - 5.1%
|
||||||
iShares Broad USD High Yield Corporate Bond ETF
|
46,288
|
1,679,329
|
||||
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,679,616)
|
1,679,329
|
|||||
Units
|
||||||
SHORT-TERM INVESTMENTS - 8.4%
|
||||||
Investments Purchased with Proceeds from Securities Lending - 8.4%
|
||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.53%(c)
|
2,762,392
|
2,762,392
|
||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,762,392)
|
2,762,392
|
|||||
TOTAL INVESTMENTS - 106.9%
(Cost $35,064,234)
|
$35,280,496
|
|||||
Money Market Deposit
Account - 1.5%(d)
|
490,548
|
|||||
Liabilities in Excess of
Other Assets - (8.4)%
|
(2,772,145)
|
|||||
TOTAL NET ASSETS - 100.0%
|
$32,998,899
|
|||||
(a)
|
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $2,712,014 which represented 8.2% of net assets.
|
(b)
|
Non-income producing security.
|
(c)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 3.27%.
|
1
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - 85.7%
|
||||||
Capital Goods - 1.8%
|
||||||
Carlisle Cos., Inc.
|
1,969
|
$797,858
|
||||
Commercial & Professional
Services - 6.6%
|
||||||
Automatic Data Processing, Inc.
|
8,082
|
1,929,093
|
||||
Broadridge Financial Solutions, Inc.
|
4,825
|
950,525
|
||||
2,879,618
|
||||||
Consumer Discretionary Distribution & Retail - 4.3%
|
||||||
TJX Cos., Inc.
|
17,272
|
1,901,647
|
||||
Consumer Durables & Apparel - 11.2%
|
||||||
Deckers Outdoor Corp.(a)
|
1,740
|
1,684,233
|
||||
Hasbro, Inc.
|
25,071
|
1,466,654
|
||||
KB Home
|
25,229
|
1,770,571
|
||||
4,921,458
|
||||||
Energy - 4.2%
|
||||||
Kinetik Holdings, Inc.(b)
|
22,138
|
917,399
|
||||
ONEOK, Inc.
|
11,131
|
907,733
|
||||
1,825,132
|
||||||
Financial Services - 11.1%
|
||||||
Janus Henderson Group PLC
|
59,175
|
1,994,789
|
||||
OneMain Holdings, Inc.(b)
|
18,275
|
886,155
|
||||
Tradeweb Markets, Inc. - Class A
|
18,513
|
1,962,378
|
||||
4,843,322
|
||||||
Health Care Equipment & Services - 4.3%
|
||||||
HCA Healthcare, Inc.
|
3,691
|
1,185,844
|
||||
Universal Health Services, Inc. - Class B
|
3,659
|
676,659
|
||||
1,862,503
|
||||||
Household & Personal Products - 8.3%
|
||||||
Church & Dwight Co., Inc.(b)
|
16,833
|
1,745,246
|
||||
Kimberly-Clark Corp.
|
6,920
|
956,344
|
||||
Procter & Gamble Co.
|
5,659
|
933,282
|
||||
3,634,872
|
||||||
Insurance - 10.4%
|
||||||
Marsh & McLennan Cos., Inc.
|
8,728
|
1,839,164
|
||||
Principal Financial Group, Inc.
|
10,829
|
849,535
|
||||
Prudential Financial, Inc.
|
15,889
|
1,862,032
|
||||
4,550,731
|
||||||
Semiconductors & Semiconductor Equipment - 11.9%
|
||||||
Applied Materials, Inc.
|
7,373
|
1,739,954
|
||||
Lam Research Corp.
|
1,818
|
1,935,897
|
||||
QUALCOMM, Inc.
|
7,749
|
1,543,446
|
||||
5,219,297
|
||||||
Software & Services - 5.4%
|
||||||
Intuit, Inc.
|
728
|
478,449
|
||||
Palo Alto Networks, Inc.(a)
|
5,542
|
1,878,793
|
||||
2,357,242
|
||||||
Shares
|
Value
|
|||||
Technology Hardware & Equipment - 3.9%
|
||||||
Apple, Inc.
|
8,175
|
$ 1,721,819
|
||||
Telecommunication Services - 2.3%
|
||||||
AT&T, Inc.
|
52,596
|
1,005,110
|
||||
TOTAL COMMON STOCKS
(Cost $36,904,465)
|
37,520,609
|
|||||
EXCHANGE TRADED FUNDS - 9.7%
|
||||||
iShares Broad USD High Yield Corporate Bond ETF
|
117,418
|
4,259,925
|
||||
TOTAL EXCHANGE TRADED FUNDS
(Cost $4,260,653)
|
4,259,925
|
|||||
BUSINESS DEVELOPMENT COMPANY - 2.0%
|
||||||
Blue Owl Capital Corp.(b)
|
56,806
|
872,540
|
||||
TOTAL CLOSED END FUNDS
(Cost $851,818)
|
872,540
|
|||||
Units
|
||||||
SHORT-TERM INVESTMENTS - 4.6%
|
||||||
Investments Purchased with Proceeds from Securities Lending - 4.6%
|
||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.53%(c)
|
2,027,489
|
2,027,489
|
||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,027,489)
|
2,027,489
|
|||||
TOTAL INVESTMENTS - 102.0% (Cost $44,044,425)
|
$44,680,563
|
|||||
Money Market Deposit
Account - 0.8%(d)
|
333,971
|
|||||
Liabilities in Excess of Other
Assets - (2.8)%
|
(1,207,783)
|
|||||
TOTAL NET ASSETS - 100.0%
|
$43,806,751
|
|||||
(a)
|
Non-income producing security.
|
(b)
|
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $1,977,340 which represented 4.5% of net assets.
|
(c)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 3.27%.
|
2
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - 94.2%
|
||||||
Capital Goods - 10.9%
|
||||||
Eaton Corp. PLC
|
5,314
|
$1,666,205
|
||||
Fastenal Company
|
9,269
|
582,464
|
||||
Howmet Aerospace, Inc.
|
22,319
|
1,732,624
|
||||
PACCAR, Inc.
|
2,846
|
292,967
|
||||
4,274,260
|
||||||
Commercial & Professional Services - 8.3%
|
||||||
Automatic Data Processing, Inc.
|
7,251
|
1,730,741
|
||||
Broadridge Financial Solutions, Inc.
|
3,406
|
670,982
|
||||
Verisk Analytics, Inc.
|
3,107
|
837,492
|
||||
3,239,215
|
||||||
Consumer Durables & Apparel - 6.0%
|
||||||
Deckers Outdoor Corp.(a)
|
792
|
766,616
|
||||
KB Home
|
22,610
|
1,586,770
|
||||
2,353,386
|
||||||
Energy - 1.4%
|
||||||
Marathon Petroleum Corp.
|
3,244
|
562,769
|
||||
Financial Services - 12.6%
|
||||||
Apollo Global Management, Inc.
|
13,710
|
1,618,740
|
||||
Blackstone, Inc.
|
5,440
|
673,472
|
||||
Moody's Corp.(b)
|
3,578
|
1,506,087
|
||||
Tradeweb Markets, Inc. - Class A
|
6,826
|
723,556
|
||||
Voya Financial, Inc.
|
5,697
|
405,342
|
||||
4,927,197
|
||||||
Health Care Equipment & Services - 12.2%
|
||||||
Boston Scientific Corp.(a)
|
21,667
|
1,668,576
|
||||
Cigna Group
|
4,754
|
1,571,530
|
||||
Universal Health Services, Inc. - Class B
|
8,411
|
1,555,446
|
||||
4,795,552
|
||||||
Insurance - 5.3%
|
||||||
Primerica, Inc.
|
1,256
|
297,144
|
||||
Progressive Corp.
|
8,650
|
1,796,692
|
||||
2,093,836
|
||||||
Media & Entertainment - 13.8%
|
||||||
Alphabet, Inc. - Class A
|
10,482
|
1,909,296
|
||||
Netflix, Inc.(a)
|
2,333
|
1,574,495
|
||||
Spotify Technology SA(a)(b)
|
6,198
|
1,944,871
|
||||
5,428,662
|
||||||
Semiconductors & Semiconductor Equipment - 7.9%
|
||||||
Applied Materials, Inc.
|
6,457
|
1,523,788
|
||||
Lam Research Corp.
|
725
|
772,016
|
||||
QUALCOMM, Inc.
|
4,052
|
807,077
|
||||
3,102,881
|
||||||
Software & Services - 4.0%
|
||||||
Intuit, Inc.
|
1,091
|
717,016
|
||||
Palo Alto Networks, Inc.(a)
|
2,543
|
862,102
|
||||
1,579,118
|
||||||
Shares
|
Value
|
|||||
Technology Hardware &
Equipment - 7.9%
|
||||||
Apple, Inc.
|
7,362
|
$1,550,584
|
||||
CDW Corp./DE
|
6,944
|
1,554,345
|
||||
3,104,929
|
||||||
Utilities - 3.9%
|
||||||
American Electric Power Co., Inc.(b)
|
17,407
|
1,527,291
|
||||
TOTAL COMMON STOCKS
(Cost $36,273,371)
|
36,989,096
|
|||||
EXCHANGE TRADED FUNDS - 5.1%
|
||||||
iShares Broad USD High Yield Corporate Bond ETF
|
54,993
|
1,995,146
|
||||
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,995,487)
|
1,995,146
|
|||||
Units
|
||||||
SHORT-TERM INVESTMENTS - 0.4%
|
||||||
Investments Purchased with Proceeds from Securities Lending - 0.4%
|
||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.53%(c)
|
169,445
|
169,445
|
||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $169,445)
|
169,445
|
|||||
TOTAL INVESTMENTS - 99.7% (Cost $38,438,304)
|
$39,153,687
|
|||||
Money Market Deposit
Account - 0.9%(d)
|
330,741
|
|||||
Liabilities in Excess of
Other Assets - (0.6)%
|
(238,171)
|
|||||
TOTAL NET ASSETS - 100.0%
|
$39,246,257
|
|||||
(a)
|
Non-income producing security.
|
(b)
|
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $165,092 which represented 0.4% of net assets.
|
(c)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(d)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 3.27%.
|
3
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - 98.8%
|
||||||
Banks - 16.4%
|
||||||
Associated Banc-Corp.
|
14,524
|
$ 307,183
|
||||
Citizens Financial Group, Inc.
|
44,658
|
1,609,028
|
||||
Columbia Banking System, Inc.
|
33,327
|
662,874
|
||||
CVB Financial Corporation(a)
|
10,256
|
176,813
|
||||
Eagle Bancorp, Inc.
|
3,709
|
70,100
|
||||
Fifth Third Bancorp
|
12,763
|
465,722
|
||||
First Interstate BancSystem, Inc. - Class A
|
10,635
|
295,334
|
||||
Fulton Financial Corp.(a)
|
11,359
|
192,876
|
||||
Hope Bancorp, Inc.(a)
|
7,304
|
78,445
|
||||
Huntington Bancshares, Inc./OH
|
36,419
|
480,002
|
||||
KeyCorp
|
102,174
|
1,451,893
|
||||
PNC Financial Services Group, Inc.
|
2,940
|
457,111
|
||||
Provident Financial Services, Inc.(a)
|
7,664
|
109,978
|
||||
Regions Financial Corp.
|
63,157
|
1,265,666
|
||||
Sandy Spring Bancorp, Inc.(a)
|
3,814
|
92,909
|
||||
Simmons First National Corp. - Class A(a)
|
5,626
|
98,905
|
||||
Synovus Financial Corp.(a)
|
12,308
|
494,658
|
||||
US Bancorp
|
12,136
|
481,799
|
||||
Valley National Bancorp(a)
|
74,471
|
519,808
|
||||
Zions Bancorp NA
|
10,591
|
459,332
|
||||
9,770,436
|
||||||
Commercial & Professional
Services - 0.5%
|
||||||
Resources Connection, Inc.
|
26,512
|
292,692
|
||||
Consumer Discretionary Distribution & Retail - 10.1%
|
||||||
Best Buy Co., Inc.
|
37,355
|
3,148,653
|
||||
Kohl's Corporation(a)
|
123,733
|
2,844,622
|
||||
5,993,275
|
||||||
Consumer Durables & Apparel - 4.8%
|
||||||
Whirlpool Corporation(a)
|
27,832
|
2,844,430
|
||||
Consumer Services - 5.2%
|
||||||
Dine Brands Global, Inc.(a)
|
72,477
|
2,623,668
|
||||
Travel + Leisure Co.
|
10,846
|
487,853
|
||||
3,111,521
|
||||||
Energy - 11.8%
|
||||||
CVR Energy, Inc.(a)
|
18,703
|
500,679
|
||||
Hess Midstream LP - Class A(a)
|
18,309
|
667,180
|
||||
Kinder Morgan, Inc.
|
146,294
|
2,906,862
|
||||
ONEOK, Inc.
|
36,454
|
2,972,824
|
||||
7,047,545
|
||||||
Financial Services - 3.0%
|
||||||
Jackson Financial, Inc. - Class A(a)
|
7,434
|
552,049
|
||||
OneMain Holdings, Inc.
|
9,830
|
476,657
|
||||
Virtu Financial, Inc. - Class A
|
9,676
|
217,226
|
||||
Western Union Co.
|
43,914
|
536,629
|
||||
1,782,561
|
||||||
Shares
|
Value
|
|||||
Food, Beverage & Tobacco - 11.6%
|
||||||
Altria Group, Inc.
|
70,159
|
$3,195,742
|
||||
Conagra Brands, Inc.
|
90,234
|
2,564,450
|
||||
Kraft Heinz Co.
|
35,807
|
1,153,702
|
||||
6,913,894
|
||||||
Insurance - 1.6%
|
||||||
Fidelity National Financial, Inc.(a)
|
8,446
|
417,402
|
||||
Prudential Financial, Inc.
|
4,470
|
523,839
|
||||
941,241
|
||||||
Materials - 9.1%
|
||||||
Dow, Inc.(a)
|
50,258
|
2,666,187
|
||||
LyondellBasell Industries NV - Class A
|
28,562
|
2,732,241
|
||||
5,398,428
|
||||||
Pharmaceuticals, Biotechnology & Life Sciences - 5.7%
|
||||||
Bristol-Myers Squibb Co.
|
58,779
|
2,441,092
|
||||
Organon & Co.
|
46,869
|
970,188
|
||||
3,411,280
|
||||||
Telecommunication Services - 10.4%
|
||||||
AT&T, Inc.
|
177,436
|
3,390,802
|
||||
Verizon Communications, Inc.
|
68,414
|
2,821,393
|
||||
6,212,195
|
||||||
Utilities - 8.6%
|
||||||
ALLETE, Inc.
|
14,149
|
882,190
|
||||
Black Hills Corp.(a)
|
11,493
|
624,989
|
||||
Clearway Energy, Inc. - Class C
|
18,472
|
456,074
|
||||
Dominion Energy, Inc.
|
58,452
|
2,864,148
|
||||
Northwest Natural Holding Co.
|
7,359
|
265,734
|
||||
5,093,135
|
||||||
TOTAL COMMON STOCKS
(Cost $55,437,725)
|
58,812,633
|
|||||
Units
|
||||||
SHORT-TERM INVESTMENTS - 17.2%
|
||||||
Investments Purchased with Proceeds from Securities Lending - 17.2%
|
||||||
Mount Vernon Liquid Assets Portfolio, LLC 5.53%(b)
|
10,245,408
|
10,245,408
|
||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,245,408)
|
10,245,408
|
|||||
TOTAL INVESTMENTS - 116.0% (Cost $65,683,133)
|
$69,058,041
|
|||||
Money Market Deposit
Account - 1.0%(c)
|
591,082
|
|||||
Liabilities in Excess of Other
Assets - (17.0)%
|
(10,136,691)
|
|||||
TOTAL NET ASSETS - 100.0%
|
$59,512,432
|
|||||
4
|
TABLE OF CONTENTS
(a)
|
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $10,085,819 which represented 16.9% of net assets.
|
(b)
|
The rate shown represents the 7-day effective yield as of June 30, 2024.
|
(c)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 3.27%.
|
5
|
TABLE OF CONTENTS
WBI BullBear
Value 3000 ETF
|
WBI BullBear
Yield 3000 ETF
|
WBI BullBear
Quality 3000 ETF
|
WBI Power Factor
High Dividend ETF
|
|||||||||
ASSETS
|
||||||||||||
Investments in securities, at value*+ (Note 2)
|
$35,280,496
|
$44,680,563
|
$39,153,687
|
$69,058,041
|
||||||||
Cash
|
494,052
|
333,971
|
330,741
|
591,082
|
||||||||
Receivable for investments sold
|
-
|
809,431
|
-
|
-
|
||||||||
Dividends and interest receivable
|
66,298
|
101,515
|
17,527
|
193,189
|
||||||||
Prepaid expenses and other assets
|
6,755
|
5,192
|
5,794
|
5,312
|
||||||||
Securities lending income receivable
|
571
|
635
|
446
|
1,154
|
||||||||
Total assets
|
35,848,172
|
45,931,307
|
39,508,195
|
69,848,778
|
||||||||
LIABILITIES
|
|
|||||||||||
Collateral received for securities loaned (Note 7)
|
2,762,392
|
2,027,489
|
169,445
|
10,245,408
|
||||||||
Dividends and interest payable
|
435
|
-
|
-
|
-
|
||||||||
Administration and fund accounting fees
|
27,500
|
27,579
|
27,616
|
28,002
|
||||||||
Audit fees
|
23,858
|
23,858
|
23,858
|
22,423
|
||||||||
Management fees
|
21,662
|
27,762
|
25,072
|
22,062
|
||||||||
Chief Compliance Officer fee
|
4,024
|
3,917
|
4,018
|
4,118
|
||||||||
Accrued other expenses
|
3,924
|
7,219
|
5,435
|
7,351
|
||||||||
Legal fees
|
3,424
|
4,552
|
4,463
|
4,826
|
||||||||
Custody fees
|
1,980
|
2,106
|
1,957
|
2,082
|
||||||||
Director's fees
|
74
|
74
|
74
|
74
|
||||||||
Total liabilities
|
2,849,273
|
2,124,556
|
261,938
|
10,336,346
|
||||||||
NET ASSETS
|
$32,998,899
|
$43,806,751
|
$39,246,257
|
$59,512,432
|
||||||||
Net Assets Consist of:
|
||||||||||||
Paid-in capital
|
$51,860,840
|
$106,575,341
|
$60,939,957
|
$64,797,128
|
||||||||
Total accumulated deficit
|
(18,861,941)
|
(62,768,590)
|
(21,693,700)
|
(5,284,696)
|
||||||||
Net assets
|
$32,998,899
|
$43,806,751
|
$39,246,257
|
$59,512,432
|
||||||||
*Cost
|
||||||||||||
Investments in securities
|
$35,064,234
|
$44,044,425
|
$38,438,304
|
$65,683,133
|
||||||||
Net Asset Value (unlimited shares authorized):
|
||||||||||||
Net Assets
|
$32,998,899
|
$43,806,751
|
$39,246,257
|
$59,512,432
|
||||||||
Shares Outstanding^
|
1,138,315
|
1,830,183
|
1,177,182
|
2,050,000
|
||||||||
Net asset value, offering and redemption price per share
|
$28.99
|
$23.94
|
$33.34
|
$29.03
|
||||||||
^
|
No Par Value
|
+
|
Including securities on loan of $2,712,014, $1,977,340, $165,092, $10,085,819 respectively.
|
6
|
TABLE OF CONTENTS
WBI BullBear
Value 3000 ETF
|
WBI BullBear
Yield 3000 ETF
|
WBI BullBear
Quality 3000 ETF
|
WBI Power Factor
High Dividend ETF
|
|||||||||
INVESTMENT INCOME
|
|
|||||||||||
Dividends+
|
$929,119
|
$1,475,221
|
$523,570
|
$3,135,995
|
||||||||
Interest
|
59,222
|
80,170
|
75,499
|
28,913
|
||||||||
Securities lending income (Note 7)
|
7,244
|
9,073
|
8,180
|
19,153
|
||||||||
Total Investment Income
|
995,585
|
1,564,464
|
607,249
|
3,184,061
|
||||||||
Expenses:
|
||||||||||||
Management fees (Note 3)
|
324,475
|
427,324
|
361,806
|
326,077
|
||||||||
Administration, fund accounting and custodian fees (Note 6)
|
106,353
|
106,354
|
106,164
|
107,473
|
||||||||
Professional fees
|
71,714
|
71,995
|
71,995
|
71,025
|
||||||||
Director's fees and expenses
|
28,588
|
28,588
|
28,588
|
28,588
|
||||||||
Insurance expenses
|
27,540
|
27,540
|
27,540
|
27,540
|
||||||||
Exchange fees
|
7,605
|
9,108
|
8,508
|
9,101
|
||||||||
Shareholder reporting expenses
|
3,018
|
3,202
|
3,104
|
9,392
|
||||||||
Miscellaneous expenses
|
6,770
|
7,140
|
6,948
|
7,150
|
||||||||
Total Expenses
|
576,063
|
681,251
|
614,653
|
586,346
|
||||||||
Less: Fees (Waived)
|
(56,372)
|
(37,138)
|
(51,717)
|
(89,297)
|
||||||||
Net Expenses
|
519,691
|
644,113
|
562,936
|
497,049
|
||||||||
Net Investment Income
|
475,894
|
920,351
|
44,313
|
2,687,012
|
||||||||
REALIZED & UNREALIZED GAIN ON INVESTMENTS
|
||||||||||||
Net realized gain on:
|
||||||||||||
Investments in securities
|
3,172,482
|
4,395,143
|
7,477,052
|
(206,398)
|
||||||||
Net change in unrealized appreciation (depreciation) of:
|
||||||||||||
Investments in securities
|
(3,357,191)
|
(3,059,535)
|
(1,821,876)
|
6,599,428
|
||||||||
Net realized and unrealized gain (loss) on investments
|
(184,709)
|
1,335,608
|
5,655,176
|
6,393,030
|
||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$291,185
|
$2,255,959
|
$5,699,489
|
$9,080,042
|
||||||||
+
|
Net of withholding taxes of $949, $1,200, $1,075, and $0 respectively.
|
7
|
TABLE OF CONTENTS
WBI BullBear
Value 3000 ETF
|
WBI BullBear
Yield 3000 ETF
|
|||||||||||
Year Ended June 30,
|
||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||
INCREASE (DECREASE) IN NET ASSETS:
|
||||||||||||
OPERATIONS
|
||||||||||||
Net investment income
|
$475,894
|
$367,310
|
$ 920,351
|
$955,197
|
||||||||
Net realized gain (loss) on investments
|
3,172,482
|
(3,726,398)
|
4,395,143
|
(8,615,260)
|
||||||||
Net change in unrealized appreciation (depreciation) of investments
|
(3,357,191)
|
3,129,807
|
(3,059,535)
|
2,990,996
|
||||||||
Net increase (decrease) in net assets resulting from operations
|
291,185
|
(229,281)
|
2,255,959
|
(4,669,067)
|
||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||
Net distributions to shareholders
|
(452,001)
|
(580,404)
|
(899,303)
|
(1,251,380)
|
||||||||
Total distributions to shareholders
|
(452,001)
|
(580,404)
|
(899,303)
|
(1,251,380)
|
||||||||
CAPITAL SHARE TRANSACTIONS
|
||||||||||||
Net increase (decrease) in net assets from capital share transactions
|
(11,294,235)
|
2,760,930
|
(15,203,025)
|
25,157,251
|
||||||||
Total increase (decrease) in net assets
|
$(11,455,051)
|
$1,951,245
|
$ (13,846,369)
|
$19,236,804
|
||||||||
NET ASSETS
|
||||||||||||
Beginning of year
|
$44,453,950
|
$42,502,705
|
$57,653,120
|
$38,416,316
|
||||||||
End of year
|
$32,998,899
|
$44,453,950
|
$43,806,751
|
$57,653,120
|
||||||||
8
|
TABLE OF CONTENTS
WBI BullBear
Quality 3000 ETF
|
WBI Power Factor
High Dividend ETF
|
|||||||||||
Year Ended June 30,
|
||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||
INCREASE (DECREASE) IN NET ASSETS:
|
||||||||||||
OPERATIONS
|
||||||||||||
Net investment income
|
$44,313
|
$336,865
|
$2,687,012
|
$3,710,156
|
||||||||
Net realized gain (loss) on investments
|
7,477,052
|
(1,178,813)
|
(206,398)
|
(3,301,910)
|
||||||||
Net change in unrealized appreciation (depreciation) of investments
|
(1,821,876)
|
2,334,061
|
6,599,428
|
3,825,303
|
||||||||
Net increase in net assets resulting from operations
|
5,699,489
|
1,492,113
|
9,080,042
|
4,233,549
|
||||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||||||
Net distributions to shareholders
|
(44,683)
|
(546,569)
|
(2,566,342)
|
(3,953,874)
|
||||||||
Total distributions to shareholders
|
(44,683)
|
(546,569)
|
(2,566,342)
|
(3,953,874)
|
||||||||
CAPITAL SHARE TRANSACTIONS
|
||||||||||||
Net increase (decrease) in net assets from capital share transactions
|
(10,991,445)
|
6,879,484
|
(7,906,150)
|
(1,707,599)
|
||||||||
Total increase (decrease) in net assets
|
$(5,336,639)
|
$7,825,028
|
$(1,392,450)
|
$(1,427,924)
|
||||||||
NET ASSETS
|
||||||||||||
Beginning of year
|
$44,582,896
|
$36,757,868
|
$60,904,882
|
$62,332,806
|
||||||||
End of year
|
$39,246,257
|
$44,582,896
|
$59,512,432
|
$60,904,882
|
||||||||
9
|
TABLE OF CONTENTS
WBI BullBear Value 3000 ETF
|
|||||||||||||||
Year Ended June 30,
|
|||||||||||||||
2024
|
2023
|
2022
|
2021
|
2020
|
|||||||||||
Net Asset Value, Beginning of Period/Year
|
$28.90
|
$29.55
|
$31.75
|
$25.60
|
$27.19
|
||||||||||
Income (Loss) from Investment
Operations:
|
|||||||||||||||
Net investment income1
|
0.35
|
0.25
|
0.29
|
0.49
|
0.07
|
||||||||||
Net gain (loss) on investments (realized and unrealized)2
|
0.10
|
(0.51)
|
(2.06)
|
6.05
|
(1.54)
|
||||||||||
Total from investment operations
|
0.45
|
(0.26)
|
(1.77)
|
6.54
|
(1.47)
|
||||||||||
Less Distributions:
|
|||||||||||||||
Distributions from net investment income
|
(0.36)
|
(0.39)
|
(0.43)
|
(0.39)
|
(0.12)
|
||||||||||
Net asset value, end of period/year
|
$28.99
|
$28.90
|
$29.55
|
$31.75
|
$25.60
|
||||||||||
Market price, end of period/year
|
$28.97
|
$28.91
|
$29.48
|
$31.77
|
$25.61
|
||||||||||
Net Assets Total Return3
|
1.57%
|
(0.79)%
|
(5.62)%
|
25.59%
|
(5.40)%
|
||||||||||
Supplemental Data:
|
|||||||||||||||
Net assets, end of period/year (000's)
|
$32,999
|
$44,454
|
$42,503
|
$53,597
|
$43,218
|
||||||||||
Ratios to Average Net Assets:
|
|||||||||||||||
Expenses before fees (waived)/recouped
|
1.51%
|
1.64%
|
1.38%
|
1.36%
|
1.25%
|
||||||||||
Expenses after fees (waived)/recouped
|
1.36%
|
1.25%
|
1.25%
|
1.25%
|
1.25%
|
||||||||||
Net investment income to average net assets
|
1.24%
|
0.89%
|
0.94%
|
1.71%
|
0.27%
|
||||||||||
Portfolio turnover rate4
|
742%
|
906%
|
845%
|
800%
|
894%
|
||||||||||
1
|
Calculated based on average shares outstanding during the period
|
2
|
The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds' underlying securities.
|
3
|
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
|
4
|
Excludes securities received or delivered as a result of processing capital share transactions in creation units.
|
10
|
TABLE OF CONTENTS
WBI BullBear Yield 3000 ETF
|
|||||||||||||||
Year Ended June 30,
|
|||||||||||||||
2024
|
2023
|
2022
|
2021
|
2020
|
|||||||||||
Net Asset Value, Beginning of Period/Year
|
$23.25
|
$25.95
|
$26.67
|
$22.53
|
$24.02
|
||||||||||
Income (Loss) from Investment Operations:
|
|||||||||||||||
Net investment income1
|
0.43
|
0.42
|
0.39
|
0.41
|
0.21
|
||||||||||
Net gain (loss) on investments (realized and unrealized)2
|
0.69
|
(2.61)
|
(0.57)
|
4.13
|
(1.46)
|
||||||||||
Total from investment operations
|
1.12
|
(2.19)
|
(0.18)
|
4.54
|
(1.25)
|
||||||||||
Less Distributions:
|
|||||||||||||||
Distributions from net investment income
|
(0.43)
|
(0.51)
|
(0.54)
|
(0.40)
|
(0.21)
|
||||||||||
Tax return of capital to shareholders
|
-
|
-
|
-
|
-
|
(0.03)
|
||||||||||
Total Distributions
|
(0.43)
|
(0.51)
|
(0.54)
|
(0.40)
|
(0.24)
|
||||||||||
Net asset value, end of period/year
|
$23.94
|
$23.25
|
$25.95
|
$26.67
|
$22.53
|
||||||||||
Market price, end of period/year
|
$23.92
|
$23.24
|
$25.92
|
$26.68
|
$22.52
|
||||||||||
Net Assets Total Return3
|
4.88%
|
(8.49)%
|
(0.73)%
|
20.36%
|
(5.22)%
|
||||||||||
Supplemental Data:
|
|||||||||||||||
Net assets, end of period/year (000's)
|
$43,807
|
$57,653
|
$38,416
|
$47,477
|
$59,247
|
||||||||||
Ratios to Average Net Assets:
|
|||||||||||||||
Expenses before fees (waived)/recouped
|
1.36%
|
1.44%
|
1.43%
|
1.27%
|
1.14%
|
||||||||||
Expenses after fees (waived)/recouped
|
1.28%
|
1.25%
|
1.26%
|
1.25%
|
1.14%
|
||||||||||
Net investment income to average net assets
|
1.83%
|
1.73%
|
1.44%
|
1.68%
|
0.88%
|
||||||||||
Portfolio turnover rate4
|
641%
|
890%
|
824%
|
820%
|
895%
|
||||||||||
1
|
Calculated based on average shares outstanding during the period
|
2
|
The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds' underlying securities.
|
3
|
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
|
4
|
Excludes securities received or delivered as a result of processing capital share transactions in creation units.
|
11
|
TABLE OF CONTENTS
WBI BullBear Quality 3000 ETF
|
|||||||||||||||
Year Ended June 30,
|
|||||||||||||||
2024
|
2023
|
2022
|
2021
|
2020
|
|||||||||||
Net Asset Value, Beginning of Period/Year
|
$29.19
|
$28.78
|
$30.74
|
$26.06
|
$27.20
|
||||||||||
Income (Loss) from Investment Operations:
|
|||||||||||||||
Net investment income1
|
0.03
|
0.23
|
0.32
|
0.12
|
0.07
|
||||||||||
Net gain (loss) on investments (realized and unrealized)2
|
4.16
|
0.54
|
(1.68)
|
4.62
|
(1.10)
|
||||||||||
Total from investment operations
|
4.19
|
0.77
|
(1.36)
|
4.74
|
(1.03)
|
||||||||||
Less Distributions:
|
|||||||||||||||
Distributions from net investment income
|
(0.04)
|
(0.36)
|
(0.60)
|
(0.06)
|
(0.09)
|
||||||||||
Tax return of capital to shareholders
|
-
|
-
|
-
|
-
|
(0.02)
|
||||||||||
Total Distributions
|
(0.04)
|
(0.36)
|
(0.60)
|
(0.06)
|
(0.11)
|
||||||||||
Net asset value, end of period/year
|
$33.34
|
$29.19
|
$28.78
|
$30.74
|
$26.06
|
||||||||||
Market price, end of period/year
|
$33.33
|
$29.19
|
$28.73
|
$30.75
|
$26.07
|
||||||||||
Net Assets Total Return3
|
14.33%
|
2.79%
|
(4.58)%
|
18.21%
|
(3.79)%
|
||||||||||
Supplemental Data:
|
|||||||||||||||
Net assets, end of period/year (000's)
|
$39,246
|
$44,583
|
$36,758
|
$45,407
|
$54,134
|
||||||||||
Ratios to Average Net Assets:
|
|||||||||||||||
Expenses before fees (waived)/recouped
|
1.44%
|
1.65%
|
1.45%
|
1.31%
|
1.23%
|
||||||||||
Expenses after fees (waived)/recouped
|
1.32%
|
1.25%
|
1.25%
|
1.25%
|
1.23%
|
||||||||||
Net investment income to average net assets
|
0.10%
|
0.82%
|
1.04%
|
0.43%
|
0.27%
|
||||||||||
Portfolio turnover rate4
|
672%
|
805%
|
899%
|
838%
|
886%
|
||||||||||
1
|
Calculated based on average shares outstanding during the period
|
2
|
The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds' underlying securities.
|
3
|
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
|
4
|
Excludes securities received or delivered as a result of processing capital share transactions in creation units.
|
12
|
TABLE OF CONTENTS
WBI Power Factor High Dividend ETF
|
|||||||||||||||
Year Ended June 30,
|
|||||||||||||||
2024
|
2023
|
2022
|
2021
|
2020
|
|||||||||||
Net Asset Value, Beginning of Period/Year
|
$25.92
|
$25.97
|
$27.43
|
$18.76
|
$24.56
|
||||||||||
Income (Loss) from Investment Operations:
|
|||||||||||||||
Net investment income1
|
1.26
|
1.36
|
1.16
|
1.10
|
1.12
|
||||||||||
Net gain (loss) on investments (realized and unrealized)2
|
3.07
|
0.05
|
(1.49)
|
8.65
|
(5.76)
|
||||||||||
Total from investment operations
|
4.33
|
1.41
|
(0.33)
|
9.75
|
(4.64)
|
||||||||||
Less Distributions:
|
|||||||||||||||
Distributions from net investment income
|
(1.22)
|
(1.46)
|
(1.13)
|
(1.08)
|
(1.16)
|
||||||||||
Total Distributions
|
(1.22)
|
(1.46)
|
(1.13)
|
(1.08)
|
(1.16)
|
||||||||||
Net asset value, end of period/year
|
$29.03
|
$25.92
|
$25.97
|
$27.43
|
$18.76
|
||||||||||
Market price, end of period/year
|
$29.00
|
$25.94
|
$25.92
|
$27.48
|
$18.75
|
||||||||||
Net Assets Total Return3
|
16.97%
|
5.63%
|
(1.40)%
|
53.09%
|
(19.24)%
|
||||||||||
Supplemental Data:
|
|||||||||||||||
Net assets, end of period/year (000's)
|
$59,512
|
$60,905
|
$62,333
|
$64,457
|
$42,202
|
||||||||||
Ratios to Average Net Assets:
|
|||||||||||||||
Expenses before fees (waived)/recouped
|
0.99%
|
1.00%
|
0.94%
|
0.98%
|
0.77%
|
||||||||||
Expenses after fees (waived)/recouped
|
0.84%
|
0.70%
|
0.70%
|
0.70%
|
0.70%
|
||||||||||
Net investment income to average net assets
|
4.52%
|
5.09%
|
4.16%
|
4.73%
|
4.83%
|
||||||||||
Portfolio turnover rate4
|
152%
|
175%
|
183%
|
191%
|
196%
|
||||||||||
1
|
Calculated based on average shares outstanding during the period
|
2
|
The amount for a share outstanding throughout the period may not be in accordance with the aggregate net realized and unrealized gain (loss) on investment for the period because of the timing of capital share transactions in relation to fluctuating market values of the Funds' underlying securities.
|
3
|
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and the redemption on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions.
|
4
|
Excludes securities received or delivered as a result of processing capital share transactions in creation units.
|
13
|
TABLE OF CONTENTS
A.
|
Valuation.All equity securities, including domestic common stocks, preferred stocks, exchange traded funds and exchange traded notes, that are traded on a national securities exchange, except those listed on the Nasdaq Global Market, Nasdaq Select Market and Nasdaq Capital Market (collectively "Nasdaq") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices is used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price is used.
|
14
|
TABLE OF CONTENTS
Level 1 -
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
Level 2 -
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 -
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; including the Funds' Valuation Committee's assumptions used in determining the fair value of investments. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Assets^
|
||||||||||||
Common Stocks
|
$30,838,775
|
$ -
|
$ -
|
$30,838,775
|
||||||||
Exchange Traded Funds
|
1,679,329
|
-
|
-
|
1,679,329
|
||||||||
Investments Purchased With Proceeds From Securities Lending(a)
|
-
|
-
|
-
|
2,762,392
|
||||||||
Total Investments in Securities, at value
|
$32,518,104
|
$-
|
$-
|
$35,280,496
|
||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Assets^
|
||||||||||||
Common Stocks
|
$37,520,609
|
$ -
|
$ -
|
$37,520,609
|
||||||||
Exchange Traded Funds
|
4,259,925
|
-
|
-
|
4,259,925
|
||||||||
Closed End Funds
|
872,540
|
-
|
-
|
872,540
|
||||||||
Investments Purchased With Proceeds From Securities Lending(a)
|
-
|
-
|
-
|
2,027,489
|
||||||||
Total Investments in Securities, at value
|
$42,653,074
|
$-
|
$-
|
$44,680,563
|
||||||||
15
|
TABLE OF CONTENTS
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Assets^
|
||||||||||||
Common Stocks
|
$36,989,096
|
$ -
|
$ -
|
$36,989,096
|
||||||||
Exchange Traded Funds
|
1,995,146
|
-
|
-
|
1,995,146
|
||||||||
Investments Purchased With Proceeds From Securities Lending(a)
|
-
|
-
|
-
|
169,445
|
||||||||
Total Investments in Securities, at value
|
$38,984,242
|
$-
|
$-
|
$39,153,687
|
||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Assets^
|
||||||||||||
Common Stocks
|
$58,812,633
|
$ -
|
$ -
|
$58,812,633
|
||||||||
Investments Purchased With Proceeds From Securities Lending(a)
|
-
|
-
|
-
|
10,245,408
|
||||||||
Total Investments in Securities, at value
|
$58,812,633
|
$-
|
$-
|
$69,058,041
|
||||||||
(a)
|
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
|
^
|
See Schedules of Investments for breakout of investments by industry group classification.
|
B.
|
Certain Risks.Some risks apply to all Funds, while others are specific to the investment strategy of certain Funds. Each Fund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the Funds. The shares of the Funds are referred to herein as "Fund Shares" or "Shares".
|
16
|
TABLE OF CONTENTS
C.
|
Federal Income Taxes.The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local tax returns.
|
D.
|
Security Transactions and Investment Income.Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations. Premiums and discounts are amortized/accreted using the effective interest method over the lives of the respective debt instruments.
|
E.
|
Distributions to Shareholders.Distributions to shareholders from net investment income are declared and paid by WBI BullBear Value 3000 ETF, WBI BullBear Quality 3000 ETF, and WBI Power Factor™ High Dividend ETF, on a quarterly basis. A distribution to shareholders from net investment income is declared and paid by WBI BullBear Yield 3000 ETF on a monthly basis. Distributions from net realized gains on securities are normally declared and paid by all Funds on an annual basis. Distributions are recorded on the ex-dividend date.
|
F.
|
Share Valuation.The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the NYSE ARCA, Inc., the exchange where the Funds' shares are listed, is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund's NAV per share.
|
G.
|
Guarantees and Indemnifications.The Funds' officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred.
|
17
|
TABLE OF CONTENTS
H.
|
Expenses.Expenses directly attributable to the Fund are charged directly to the Fund, while expenses which are attributable to the Fund and other investment companies advised by the Adviser are allocated among the respective investment companies, including the Fund, based either upon relative average net assets or evenly among the Funds.
|
I.
|
Subsequent Events.In preparing these financial statements, the Advisor has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. There were no events or transactions that occurred during the period subsequent to June 30, 2024 that materially impacted that amounts or disclosures in the Funds financial statements.
|
18
|
TABLE OF CONTENTS
June 30, 2025
|
June 30, 2026
|
June 30, 2027
|
|||||||
WBI BullBear Value 3000 ETF
|
$61,834
|
159,949
|
56,372
|
||||||
WBI BullBear Yield 3000 ETF
|
$76,192
|
107,551
|
37,138
|
||||||
WBI BullBear Quality 3000 ETF
|
$85,460
|
162,612
|
51,717
|
||||||
WBI Power FactorTM High Dividend ETF
|
$159,961
|
215,778
|
89,297
|
||||||
19
|
TABLE OF CONTENTS
Fund
|
Value of
Securities on Loan
|
Collateral
Received*
|
||||
WBI BullBear Value 3000 ETF
|
$2,712,014
|
2,762,392
|
||||
WBI BullBear Yield 3000 ETF
|
$1,977,340
|
2,027,489
|
||||
WBI BullBear Quality 3000 ETF
|
$165,092
|
169,445
|
||||
WBI Power Factor™ High Dividend ETF
|
$10,085,819
|
10,245,408
|
||||
*
|
The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio as shown on the Schedule of Investments, a short-term investment portfolio with an overnight and continuous maturity.
|
Fund
|
Fees and Interest
Income Earned
|
||
WBI BullBear Value 3000 ETF
|
$7,244
|
||
WBI BullBear Yield 3000 ETF
|
$9,073
|
||
WBI BullBear Quality 3000 ETF
|
$8,180
|
||
WBI Power Factor™ High Dividend ETF
|
$19,153
|
||
Fund
|
Description
|
Value of
Securities on
Loan
|
Gross Amounts
Offset in the
Statement of
Assets &
Liabilities
|
Net Amounts
Presented in the
Statement of
Assets &
Liabilities
|
Collateral
Received(a)
|
Net
Amount
|
||||||||||||
WBI BullBear Value 3000 ETF
|
Securities Lending
|
$2,712,014
|
-
|
2,712,014
|
2,712,014
|
-
|
||||||||||||
WBI BullBear Yield 3000 ETF
|
Securities Lending
|
$1,977,340
|
-
|
1,977,340
|
1,977,340
|
-
|
||||||||||||
WBI BullBear Quality 3000 ETF
|
Securities Lending
|
$165,092
|
-
|
165,092
|
165,092
|
-
|
||||||||||||
WBI Power Factor™ High Dividend ETF
|
Securities Lending
|
$10,085,819
|
-
|
10,085,819
|
10,085,819
|
-
|
||||||||||||
(a)
|
The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the statement of assets and liabilities, If this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.
|
20
|
TABLE OF CONTENTS
Year/Period Ended June 30, 2024
|
Year/Period Ended June 30, 2023
|
|||||||||||||||||
Fund
|
Ordinary
Income
|
Long Term
Capital Gain
|
Return of
Capital
|
Ordinary
Income
|
Long Term
Capital Gain
|
Return of
Capital
|
||||||||||||
WBI BullBear Value 3000 ETF
|
$452,001
|
-
|
-
|
580,404
|
-
|
-
|
||||||||||||
WBI BullBear Yield 3000 ETF
|
$899,303
|
-
|
-
|
1,251,380
|
-
|
-
|
||||||||||||
WBI BullBear Quality 3000 ETF
|
$44,683
|
-
|
-
|
546,569
|
-
|
-
|
||||||||||||
WBI PowerFactorTM High Dividend ETF
|
$2,566,342
|
-
|
-
|
3,953,874
|
-
|
-
|
||||||||||||
WBI BullBear
Value 3000 ETF
|
WBI BullBear
Yield 3000 ETF
|
WBI BullBear
Quality 3000 ETF
|
WBI
PowerFactorTM
High Dividend ETF
|
|||||||||
Cost of investments
|
$35,118,948
|
$44,044,426
|
$38,448,443
|
$66,270,460
|
||||||||
Gross tax unrealized appreciation
|
783,753
|
1,222,638
|
1,293,112
|
4,890,238
|
||||||||
Gross tax unrealized depreciation
|
(622,205)
|
(586,501)
|
(587,868)
|
(2,102,657)
|
||||||||
Net tax unrealized appreciation
|
$161,548
|
$636,137
|
$705,244
|
$2,787,581
|
||||||||
WBI BullBear
Value 3000 ETF
|
WBI BullBear
Yield 3000 ETF
|
WBI BullBear
Quality 3000 ETF
|
WBI
PowerFactorTM
High Dividend ETF
|
|||||||||
Net tax unrealized appreciation (depreciation)
|
$161,548
|
$636,137
|
$705,244
|
$2,787,581
|
||||||||
Undistributed ordinary income
|
23,893
|
29,545
|
-
|
133,079
|
||||||||
Undistributed long term gain (loss)
|
-
|
-
|
-
|
-
|
||||||||
Total distributable earnings
|
23,893
|
29,545
|
-
|
133,079
|
||||||||
Other accumulated gain (loss)
|
(19,047,382)
|
(63,434,272)
|
(22,398,944)
|
(8,205,356)
|
||||||||
Total accumulated gain (loss)
|
$(18,861,941)
|
$(62,768,590)
|
$(21,693,700)
|
$(5,284,696)
|
||||||||
Short-Term
|
Long-Term
|
|||||
WBI BullBear Value 3000 ETF+
|
$19,047,382
|
$ -
|
||||
WBI BullBear Yield 3000 ETF+
|
63,434,274
|
-
|
||||
WBI BullBear Quality 3000 ETF+
|
22,398,944
|
-
|
||||
WBI PowerFactorTM High Dividend ETF
|
3,020,282
|
5,185,074
|
||||
+
|
Annual limitation may apply to a portion of the losses under IRC 382.
|
21
|
TABLE OF CONTENTS
Fund
|
Purchases
|
Sales
|
||||
WBI BullBear Value 3000 ETF
|
$265,830,864
|
$266,720,110
|
||||
WBI BullBear Yield 3000 ETF
|
310,172,858
|
311,676,425
|
||||
WBI BullBear Quality 3000 ETF
|
271,605,408
|
272,083,288
|
||||
WBI Power Factor™ High Dividend ETF
|
89,791,753
|
89,569,810
|
||||
Fund
|
Subscriptions
|
Redemptions
|
||||
WBI BullBear Value 3000 ETF
|
$-
|
$10,492,882
|
||||
WBI BullBear Yield 3000 ETF
|
-
|
14,479,974
|
||||
WBI BullBear Quality 3000 ETF
|
-
|
10,459,485
|
||||
WBI Power Factor™ High Dividend ETF
|
5,684,042
|
13,474,076
|
||||
Fund
|
Creation Unit
|
||
WBI BullBear Value 3000 ETF
|
50,000
|
||
WBI BullBear Yield 3000 ETF
|
50,000
|
||
WBI BullBear Quality 3000 ETF
|
50,000
|
||
WBI Power Factor™ High Dividend ETF
|
50,000
|
||
22
|
TABLE OF CONTENTS
WBI BullBear Value 3000 ETF
|
WBI BullBear Yield 3000 ETF
|
|||||||||||||||||||||||
Year Ended
June 30, 2024
|
Year Ended
June 30, 2023
|
Year Ended
June 30, 2024
|
Year Ended
June 30, 2023
|
|||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||
Shares Sold
|
-
|
$-
|
250,000
|
$6,912,130
|
-
|
$-
|
1,300,000
|
$32,050,306
|
||||||||||||||||
Shares Issued in Connection with Acquisition
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||
Shares Redeemed
|
(400,000)
|
(11,294,235)
|
(150,000)
|
(4,151,200)
|
(650,000)
|
(15,203,025)
|
(300,000)
|
(6,893,055)
|
||||||||||||||||
(400,000)
|
$(11,294,235)
|
100,000
|
$2,760,930
|
(650,000)
|
$(15,203,025)
|
(1,000,000)
|
$25,157,251
|
|||||||||||||||||
Beginning Shares
|
1,538,315
|
1,438,315
|
2,480,183
|
1,480,183
|
||||||||||||||||||||
Ending Shares
|
1,138,315
|
1,538,315
|
1,830,183
|
2,480,183
|
||||||||||||||||||||
WBI BullBear Quality 3000 ETF
|
WBI Power Factor High Dividend ETF
|
|||||||||||||||||||||||
Year Ended
June 30, 2024
|
Year Ended
June 30, 2024
|
Year Ended
June 30, 2024
|
Year Ended
June 30, 2023
|
|||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||
Shares Sold
|
-
|
$-
|
400,000
|
$11,109,894
|
200,000
|
$5,777,920
|
600,000
|
$15,183,181
|
||||||||||||||||
Shares Issued in Connection with Acquisition
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Shares Redeemed
|
(350,000)
|
(10,991,445)
|
(150,000)
|
(4,230,410)
|
(500,000)
|
(13,684,070)
|
(650,000)
|
(16,890,780)
|
||||||||||||||||
(350,000)
|
$(10,991,445)
|
250,000
|
$6,879,484
|
(300,000)
|
$(7,906,150)
|
(50,000)
|
$(1,707,599)
|
|||||||||||||||||
Beginning Shares
|
1,527,182
|
1,277,182
|
2,350,000
|
2,400,000
|
||||||||||||||||||||
Ending Shares
|
1,177,182
|
1,527,182
|
2,050,000
|
2,350,000
|
||||||||||||||||||||
23
|
TABLE OF CONTENTS
24
|
TABLE OF CONTENTS
|
Absolute Shares Trust
|
||
WBI BullBear Value 3000 ETF
|
WBIF
|
||
WBI BullBear Yield 3000 ETF
|
WBIG
|
||
WBI BullBear Quality 3000 ETF
|
WBIL
|
||
WBI Power Factor® High Dividend ETF
|
WBIY
|
||
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this report. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith. |
(2) Not Applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Not applicable to open-end investment companies.
(5) Not applicable to open-end investment companies and ETFs.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Absolute Shares Trust |
By (Signature and Title)* | /s/ Don Schreiber, Jr. | ||
Don Schreiber, Jr., President and Principal Executive Officer |
Date | 9/4/24 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Don Schreiber, Jr. | ||
Don Schreiber, Jr., President and Principal Executive Officer |
Date | 9/4/24 |
By (Signature and Title)* | /s/ Frederick Teufel, Jr. | ||
Frederick Teufel, Jr., Treasurer and Principal Financial Officer |
Date | 9/4/24 |
* Print the name and title of each signing officer under his or her signature.